Zhi Tong Cai Jing·2026-01-15 13:17Group 1 - The report maintains an "overweight" rating for the building materials industry, highlighting independent growth opportunities and valuation advantages despite a weak macroeconomic outlook [1] - Leading companies in the building materials sector have achieved revenue and profit growth through increased market share, expansion of overseas business, and upgrades driven by AI, new energy, and aerospace industries [1] - The internal growth capabilities of leading building materials companies are attracting investment value, with potential for significant excess returns if macroeconomic expectations improve [1] Group 2 - In the cement industry, supply-demand optimization is expected to improve regional dynamics, with a cautious outlook for demand decline narrowing by 2026 [2] - The report anticipates that overseas cement profitability remains high, supported by a weaker dollar and slow supply expansion in Africa [2] - For consumer building materials, the report notes a divergence in strategies and financial performance, with independent growth expected in segments like waterproofing, coatings, and home hardware by 2026 [3] Group 3 - The glass fiber industry is expected to show structural differentiation, with strong demand in wind power and high-end applications reducing low-end competition [4] - The glass market is beginning to show signs of recovery with cold repair signals emerging, indicating further confirmation of bottom-line profitability [4] - The report suggests focusing on leading float glass companies and those with differentiated processing capabilities in 2026 [4]